Development Funding: Think Outside the Box
Now that you have a vision for your recreational center, you need to establish your development funding sources. Financing may very well be the most challenging component of your facility planning adventure.
Traditionally, companies obtain financing through a commercial bank, a private investor, or through a real estate company that partners the company with a building owner. However, if you want to pursue development funding through other means, you need to think and look outside of the box.
Places to Look for Development Funding
Your local library offers great resources for locating potential funding prospects. Search for federal, state, and local grant opportunities as well as corporate funders and foundations. Other non-profit agencies, such as civic groups and churches, may be willing to contribute resources, especially if it benefits their community.
GrantWatch.com is another great resource for finding federal, state, local, foundation, and corporation grants. The website lists sports and recreation as one of their focuses.
Business Classification and Development Funding
Setting up your business as a non-profit will provide you with more development funding through grant opportunities. Don’t worry about a non-profit classification restricting your business operations. It only affects your financial operations.
Public Grants and Development Funding
The federal government provides many grant opportunities for businesses that benefit the community. Sports complexes and recreation centers fit the bill nicely since they contribute to the health and fitness of members of the community. The government prefers to give development funding to programs and businesses that better their community.
One example of a federal grant is HUD’s Community Development Block Grant (CDBG) program. This program provides resources for all manners of community-based needs
Private Investors and Development Funding
Many wealthy individuals look for ways to make meaningful contributions to their local community. Reaching out to an individual who was involved in sports or has a passion for sports and fitness would be a smart move. When they offer you development funding, they are investing their money in something personally meaningful. At the same time, this helps you move forward with your project.
Gaining development funding from a wealthy benefactor can simplify your process because the rules and regulations that come with traditional commercial financing don’t apply.
Sports Facilities Advisory Can Aid You on Your Quest
Sports Facilities Advisory is a world leader in all aspects of sports facility management and facility planning. We have made the “Ultimate Beginner’s Guide” to new sports complex project funding available for free. Feel free to call us at (727) 474-3845 or visit our website and request a copy to help you get started with your developmental funding endeavor.